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Daily Market Wrap Up - October 8, 2020 - Angel Broking

Posted On: 2020-10-08 05:26:57


Mr. Aamar Deo Singh - Head Advisory, Angel Broking Ltd

Markets continue with their winning streak for the sixth consecutive day with Nifty 50 ending the day @ 11,834, up 95 points. Positive global cues, sharp rally in IT stocks along with upmove in Nifty heavyweight HDFC Bank, all contributed to today's upmove. Amongst the Top 3 Nifty gainers, were Wipro, Cipla and TCS whereas Gail, ONGC and ITC were the Top 3 Nifty losers. Advances and declines are evenly poised, indicating a lack of broad-based rally. Going forward, Nifty has support around the 11550-11600 zone whereas resistance on the upside is seen around 11900-12000 zone.

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

Sensex and Nifty continue to be in the positive zone from the start of the week by closing up by 304 points (0.76%) and 96 points (0.82%) respectively for the day on the back of positive global cues. Dow Futures, Nasdaq Futures and FTSE were up by 0.38%, 0.56% and 0.60% respectively. Today, Nifty IT again touched new life time high on the back of positive result of TCS and Wipro buyback plan. Like earlier days of this week, Nifty Midcap 100 and Nifty Smallcap 100 continue to underperform Nifty. Top gainers of the Nifty were Wipro (7.20%), Cipla (4.89%) and TCS (3.28%). Top losers of the Nifty were GAIL (2.94%), ONGC (2.91%) and ITC (1.39%)


Source: Equity Bulls

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